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May 5th, 2015 7:15 AM by Jackie A. Graves

April is National Financial Literacy Month and a good reminder of how important it is to be financially literate. It's especially key if you're thinking about buying a home.

To become a successful homeowner, financial education is a must. Our free CreditSmart® course can help you build or repair your credit, avoid costly scams, and make sound financial decisions. Take the 12-module course online, or in a class led by a HUD-approved housing counselor.

You'll get help making a budget. And find facts about down payments like these:

  • The typical range for a down payment is 3-20%

  • Private mortgage insurance is usually required if you put down less than 20%

You'll learn what types of mortgages are available and how to shop for a home loan … And get tips on buying a short sale or REO/Bank-Owned Property.

Get ready for homeownership. Check out CreditSmart — It's a smart first step.

A Family's First Home

Meet a family that bought their first home with help from CreditSmart, Freddie Mac's financial education curriculum:

 

Eleanor G., a single working mother, had always wanted her two boys to grow up in a home of their own. Eleanor, who lives near Atlanta, was eager to explore her options and see what was possible financially. She took that first important step by going to a CreditSmart workshop at her local church.

Sponsored by Freddie Mac's Borrower Help Center in Georgia – and facilitated by the HUD-approved housing counseling agency D&E – the classes gave her the knowledge and support she needed to become an informed homebuyer.

With the help of CreditSmart, housing counseling, and down payment assistance, Eleanor purchased her first home that next year.

"I was able to accomplish my life-long dream of buying a home … AMEN!" said Eleanor. "I came to the classes with no established credit and this program helped me to truly understand credit, as well as learn how to obtain and use credit cards effectively. I am eternally grateful to both D&E and CreditSmart for helping me and my family accomplish our dream of homeownership, a goal that I first thought was impossible!"

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Posted by Jackie A. Graves on May 5th, 2015 7:15 AM

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